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Friday, June 17, 2011

Condo demand comes off! It’s all about future demand, dear!

Hi guys! I am writing this on the plane heading back from China. The last few days have been very fruitful as we looked at various opportunities.

The recent press articles highlighting the sharp slowdown in demand for private homes have certainly reinforced my lack of enthusiasm for residential properties, especially mass market condos. The key is that demand will taper off in line with the government’s cooling measures. This sector also happens to be where the government can release more land to increase supply. I am really not surprised that the take up rate is not that strong.

Prices will hold for the time being as developers are well capitalized at this point. They can hold out for prices that they want. They have bided for very expensive land and they are not likely to take a loss. It will be a tug of war for the next few months and it will be interesting how everything will pan out.

For now, for those of you still in the market, please be very careful of what you are going to acquire.

Hi Guys! I am writing to you from the air again. This time I am on the way back from the Land of the Rising Sun. I cannot feel but a little ...

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Andy OngFounder of ERC Holdings

Andy Ong Siew Kwee currently serves as the Founder of ERC Holdings. Under his leadership, the parent group has since established strong foothold in four business silos namely education ERC Institute , hospitality, training and property investment within two decades.

Ong is a strong believer in enabling startups and young brands reach their potential. Together with a group of partners, he founded the Entrepreneur’s Resource Centre (ERC) to help budding entrepreneurs transform their business ideas into sustainable models.

The recent venture into a co-working space; BIGWork , an ideation incubator lab; BIGFund and an immersive startup fitness concept; BIGFitness is a testament to Ong’s vision of staying at the forefront of innovation.

In the fashion of undying entrepreneurial spirit, Ong also pursued opportunities out of the education and training space. The BIGHotel was set up in 2013, and was later sold in a multi-million dollar deal.

To date, Ong has built a strong portfolio in a wide range of industries; he is the owner of several businesses in education, training, print media and property investments with a combined annual turnover of $200 million.

A multi-faceted talent, Ong is an author and a seasoned property investor too.

Ong has been featured on major media outlets such as CNBC, Bloomberg and The Straits Times.